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Firms Are Employing Robots as Digital Controllers

By
CDOTrends editors
on February 11, 2018

Robots are entering firms in surprising ways. Based on a recent Deloitte Center for Controllership™ poll of more than 1,700 finance, accounting, and other professionals, 52.8% said that their firms are planning on digital controllership improvements. These include leveraging process automation, analytics and other technologies for financial and accounting processes.

The same polls showed that finance and accounting robotic process automation (RPA) to increase efficiency and internal controls is now top priority (34.7%).

● Regulatory compliance – Automation errors can reduce the accuracy of regulatory reports, risking fines and sanctions as well as legal violations.

● Operations – Increased processing errors can be caused by poorly designed automation solutions. Lack of adequate oversight procedures can lead to increased operational inefficiencies.

● Talent – In times of organizational transformation, morale may suffer if communications to employees don't focus on the higher level work they'll be able to perform with RPA results. Further, access to and oversight of automated processes must be carefully managed to prevent and detect abuse.

"Without strong internal controls, thoughtful change management, consistent oversight monitoring, and well-built bots in production, finance, and accounting robotic process automation efforts can cause more harm than good. As with any strategic initiative, trying to find shortcuts is unwise. Investing time and attention to honing RPA is essential to realizing its full potential," Cheney said.